https://www.taxtmi.com/caselaws?id=238569 The High Court upheld the assessing authority's calculation of capital gains tax based on the registration value of the property under the Karnataka Stamp Act, applying section 50C to prevent undervaluation. It clarified that the entire amount invested in a new residential house should be eligible for deduction under section 54F. The Court emphasized transparency in capital gains taxation and disallowed the assessing authority's partial disallowance of the construction investment deduction. The Court ruled the levy of interest under sections 234A and 234B as mandatory, partially allowing the appeal by determining the net capital gain and interest amount. en-us Fri, 06 Jan 2012 00:00:00 +0530 Sat, 26 Oct 2013 11:06:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=238569 The High Court upheld the assessing authority's calculation of capital gains tax based on the registration value of the property under the Karnataka Stamp Act, applying section 50C to prevent undervaluation. It clarified that the entire amount invested in a new residential house should be eligible for deduction under section 54F. The Court emphasized transparency in capital gains taxation and disallowed the assessing authority's partial disallowance of the construction investment deduction. The Court ruled the levy of interest under sections 234A and 234B as mandatory, partially allowing the appeal by determining the net capital gain and interest amount. Case-Laws Income Tax Fri, 06 Jan 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=238569